[ad_1]
© Reuters
, the cryptocurrency that originally started as a joke, has seen a significant rise in the crypto market. Dogecoin price rose 2% on Monday.
According to AltIndex, which uses data from CoinMarketCap, trading volume exceeded $100 billion in February, marking a dramatic increase from previous months. This increase in activity made Dogecoin the seventh most traded cryptocurrency of the month.
The meme coin’s price rose 94% month-on-month, a remarkable recovery after a period of subdued performance in 2023. Last week, the coin’s 24-hour trading volume saw a staggering 2,300% increase since the start of February, rising from around 280 Million US dollars to over 5 billion US dollars.
This growth has brought Dogecoin into the rankings of the most traded coins in the crypto space.
In February, Dogecoin’s monthly trading volume reached $105 billion, just behind Dogecoin with a volume of $108.8 billion. The top five places were occupied by , , , First Digital USD and USDC.
Despite trading at $0.161 last week, 70% below its April 2021 all-time high, Dogecoin has doubled its market cap in just a month, rising from $11.3 billion to $22.8 billion. This jump has brought Dogecoin to ninth place in the ranking of the top ten cryptocurrencies by market capitalization.
Dogecoin’s overall market performance suggests growing investor interest in meme coins.
Data from CoinMarketCap shows that the largest meme coins by market cap, including Dogecoin, Shiba Inu, Pepe and Bonk, all saw four-digit trading volume growth last month.
Shiba Inu’s daily trading volume increased by 4,800%, Pepe’s by 3,500%, and Bonk’s by 2,400%, with Dogwifhat also seeing significant growth.
Meme coins have had a notable impact on the trading volume rankings, with three meme-based cryptocurrencies appearing in the list of the top ten most traded cryptocurrencies in February. Shiba Inu took sixth place, Dogecoin seventh and Pepe rounded out the list, highlighting the sector’s increasing importance in the digital asset market.
This article was created with the assistance of AI and reviewed by an editor. More information can be found in our terms and conditions.
[ad_2]
Source link
